FRANKFURT Aug 22 German residential landlord
GSW Immobilien has hired three investment banks to
advise it on a 1.8 billion euro ($2.4 billion) takeover offer
from rival Deutsche Wohnen, two people familiar with
the matter told Reuters on Thursday.
Goldman Sachs, Citigroup and Dutch bank Kempen
are to provide an unbiased appraisal of the offer, assessing
possible counter bids but not necessarily fending off Deutsche
Wohnen's, the sources said.
"There is a certain logic in the transaction, after all. But
details will have to be discussed," one of the bankers involved
said, speaking on condition of anonymity because the matter is
The acquisition would be Germany's second-biggest
residential real estate deal since Whitehall bought LEG
Immobilien in 2008.
The approach was not agreed in advance with GSW's
management, which is depleted after a shareholder rebellion last
month forced out GSW's chairman and its chief executive.
GSW, which has said it would evaluate the offer, declined to
comment. Goldman and Citi would also not comment. Kempen was not
immediately available for comment.